Bankruptcy on fast track for electric-car maker Fisker

WILMINGTON, Del. - A Delaware judge kept the bankruptcy case of electric-car maker Fisker Automotive on the fast track yesterday, with a hearing scheduled for Jan. 3 on its proposed sale.

WILMINGTON, Del. ó A Delaware judge kept the bankruptcy case of electric-car maker Fisker Automotive on the fast track yesterday, with a hearing scheduled for Jan. 3 on its proposed sale.

Anaheim, Calif.-based Fisker, which planned to build cars at a former General Motors plant in Delaware, filed for bankruptcy protection last week, ending a long, downward spiral that began after it received a $529 million loan commitment from the U.S. Department of Energy.

Fisker drew $192 million on the Obama administrationís green-energy loan before DOE officials suspended funding in 2011 after the automaker failed to meet several sales milestones for its Karma luxury vehicle.

The Energy Department recovered about $28 million before selling the remainder of its loan last week for $25 million to Hybrid Technology, resulting in a $139 million loss to taxpayers.